CDS Crypto News BITCOIN UPDATE – ETH WAVE CONTINUES
Crypto News

BITCOIN UPDATE – ETH WAVE CONTINUES

Bitcoin update indicates continued momentum in Ethereum (ETH) market.

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BITCOIN UPDATE - ETH WAVE CONTINUES

Crypto News – Weekly Newsletter  Buckle up, crypto enthusiasts! This week’s market rollercoaster has been a thrill ride of contrasting fortunes.

BITCOIN UPDATE – ETH WAVE CONTINUES

While Bitcoin ETFs continue to rake in billions, traditional crypto stocks are facing a harsh reality check. Meanwhile, the SEC’s slow dance with Grayscale’s Ethereum ETF leaves investors in limbo, but invites public participation in shaping the future of crypto access. And if that wasn’t enough, the US government’s plans to offload a mountain of Bitcoins from the infamous Silk Road saga add another layer of intrigue to the ever-evolving crypto landscape. Ready to dissect the twists and turns? Let’s dive in!

Silk Road Bitcoin Hits Auction Block: 130 Million Dollars Up for Grabs

  1. Government Selling Silk Road Bitcoin: The US will auction off $130 million worth of Bitcoin seized from the infamous Silk Road marketplace.
  2. Two Lots, Two Stories: The sale includes 2,874 BTC linked to a Xanax money laundering case and 58 BTC tied to a former Secret Service agent’s theft.
  3. Petitions Open for 60 Days: Anyone claiming ownership or seeking pardon for the seized coins can file petitions until March 10th.
  4. Massive Bitcoin Holdings: This auction adds to the US government’s $9 billion Bitcoin stash, including billions seized from Silk Road figures and other sources.
  5. Potential Price Impact: Analysts predict the sale could further depress Bitcoin’s price, already below $40,000 and facing a possible 15% correction.

SEC ETF Decisions: Volatile Crypto Markets Where Is The Hype?

1. Public Comments Open on Grayscale’s ETH ETF: The SEC wants your input! They’re delaying a decision on Grayscale’s spot Ethereum ETF while seeking public feedback on potential manipulation risks, fraud prevention, and market transparency.

2. Delay Follows Similar Moves for Other ETH ETF Proposals: BlackRock and Fidelity’s ETH ETF proposals also faced delays, sparking concerns about broader regulatory hurdles for Ethereum-based ETFs.

3. Divided Opinions on Approval Chances: Analysts like Balchunas see a 70% chance of approval by May, while Yusko is less optimistic due to the SEC’s general crypto skepticism and Gensler’s cautious remarks.

4. Gensler Cautions: Bitcoin ETF Approval is “Cabined” and Doesn’t Guarantee Others: Don’t get too excited about Bitcoin ETFs leading to an automatic green light for Ethereum. The SEC chair emphasizes each case is individually reviewed.

5. Crypto Market Slump Amid Regulatory Uncertainty: As the ETH ETF decision hangs in the balance, Ethereum and other major altcoins face price drops, reflecting wider market turbulence.

BITCOIN UPDATE - ETH WAVE CONTINUES

The US Government’s Intended 118 Million Dollars Bitcoin Sale Is Minuscule When Contrasted With GBTC

  1. Tiny Drop in the Bitcoin Ocean: 2,934 BTC from Silk Road seizure won’t significantly impact the market, just “peanuts” compared to recent Grayscale Bitcoin Trust (GBTC) outflows of over 10,000 BTC per day.
  2. GBTC Sales Dwarf Government Auction: GBTC sold $4.2 billion worth of Bitcoin since becoming a spot ETF, with a single daily outflow exceeding the government’s planned sale by 4x.
  3. Government Hoards Much More: $118 million sale represents just 1.5% of the $7.7 billion in Bitcoin the government holds from past seizures, a fraction of the total Bitcoin supply.
  4. Multiple Bitcoin Sources Funded Sale: Sold BTC includes coins seized from the 2016 Bitfinex hack, 2020 Silk Road bust, and Silk Road hacker James Zhong.
  5. No Market Meltdown Expected: Experts see little reason for concern, predicting negligible impact on Bitcoin’s price stability due to the sale’s small size compared to existing market activity.
BITCOIN UPDATE - ETH WAVE CONTINUES

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